Headlines:
- Presidential Election is underway today Tuesday November 8th. Final results should be in sometime tonight.
- The USDA WASDE Report is scheduled for tomorrow November 9th at noon eastern.
- US officials stick by downbeat Argentine soy harvest estimate
US officials stuck by a conservative estimate for Argentina’s soybean harvest, citing the dent to the appeal of the oilseed from a delay to an export tax reduction, even as rains delay sowings of what farmers to intend to sow. The US Department of Agriculture bureau in Buenos Aires stood by a forecast of a 55.0m-tonne Argentine soybean crop in 2016-17 – a drop of 1.8m tonnes year on year, and representing a second successive year of decline. The estimate, which is 2.0m tonnes below the USDA’s official forecast, reflected an idea of plantings falling by 750,000 hectares to 19.5m hectares, after the government backed down on a pledge to cut Argentina’s soybean export tax by a further 5 points, to 25%. “There continues to be discussion over the short- and long-term effects” of the decision, the bureau said.
Summary:
All eyes are on the US Presidential election today, and then onto the USDA WASDE Report tomorrow. It was another strong day for Soybean futures. Beans garnered the most points increase today, but it was Corn that had the largest percentage increase. Wheat would not be left behind erasing yesterday’s losses with an impressive showing of its own. We saw a return of traded volume for both Corn and Wheat but not so for Beans which makes its advance a bit more suspect than that of the other two markets. March Corn was up 7.00 (1.97%), March Beans was up 11.50 (1.14%) and March Wheat was up 3.50 (0.82%). As discussed previously, Soybeans had approached an oversold condition and it does not necessarily come at a surprise that it would react off of support. Tomorrow with be tell-tale, however, for all three markets.
The crop progress report results are in, and for the week ending November 6th, Corn is 86% complete (ahead of the five-year average by 1%), the Soybean crop is 93% complete (2% ahead of the five-year average and 1% behind last year’s pace) and Winter Wheat is 91% planted (same as last year’s pace and 1% behind the five-year average).
The broader markets show Crude Oil futures virtually unchanged from yesterday’s close and the Equity Indexes are up a fraction of a percent.